When an individual or family has an interest in a closely held business, proper planning normally will be needed for various aspects of the business, such as its formation; operation; possible sale or liquidation; possible gifts of business interests; its disposition in the event of death, disability, or retirement of an owner; or its possible retention by the family in these situations.
Potential issues may include but are not limited to the following:
What kind of business entity or entities should be used for the business?
Who will control the business?
Will there be ...